|Authored by:||VAT Department|
|Source:||Ministry of Finance|
|Date:||December 31, 2014|
FOR IMMEDIATE RELEASE
VAT Department Encourages Compliance
Effective January 1st, 2015 Value Added Tax (VAT) will take effect in The Bahamas.
In an effort to encourage voluntary compliance and foster good working relationships with the business community and taxpaying public, the VAT Department will conduct compliance field visits to ensure that businesses are ready to operate within the new VAT environment. Compliance visits commence January 1st, 2015.
To this end, the focus will be to ensure that businesses display their registration certificates in a prominent location and issue proper VAT invoices and receipts.
VAT officers will also check that businesses are displaying VAT-inclusive prices.
Online registration was launched back on October 13th. All businesses meeting taxable sales of $100,000 should have completed registration by November 30th, 2014 and to this end the VAT Department will verify that businesses eligible to register have done so.
These measures will be taken to ensure that businesses properly operate within the ambit of the VAT Act 2014.
For more information contact the VAT Department at firstname.lastname@example.org or call the Help Desk Hotline 225-7280.